Slide 1: OKEA ASA Q3 2024
OKEA ASA Q3 2024 31 October 2024
Slide 2: Cautionary statement
Cautionary statement > This presentation contains forward looking information > Forward looking information is based on management assumptions and analysis > Actual outcomes may differ, and those differences may be material > Forward looking information is subject to significant uncertainties and ri
Slide 3: Highlights Third quarter 2024
Highlights Third quarter 2024 Operational performance > Strong operational performance offsets planned maintenance; production of 37.3 (38.4) kboepd > Production optimisation initiatives implemented at Draugen; ramping up gas export by 600 boepd from October onwards > No serious incidents Financial
Slide 4: Key operational figures - Q3 2024
Key operational figures - Q3 2024* The leading mid- and late-life operator on the Norwegian continental shelf Safety Production 0.6(0.6) 37.3 (38.4) SIF** kboepd Production efficiency Production expense 87 233 (89) (229) % NOK/boe * Previous quarter in parenthesis ** Serious injury frequency 12 mont
Slide 5: Production volume and efficiency
Production volume and efficiency Production (kboepd)* 42.1 38.4 37.3 30.1 23.7 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Draugen Brage Gjøa/Nova Ivar Aasen Yme Statfjord area Production efficiency (%) – Q3 2023 to Q3 2024 96 96 97 96 96 98 99 95 93 90 92 90 93 91 94 93 86 89 88 89 85 85 80 80 78 77 73
Slide 6: Operational update
Operational update Assets Working Interest Operator Key updates > Planned maintenance shutdown at Kårstø completed Draugen 44.56% OKEA > Optimising gas processing facility - increasing export by 600 boepd net from October > Reserve increase of 2.1 mmboe net mainly driven by higher energy content in
Slide 7: Realising value from sale of Yme
Realising value from sale of Yme Exiting a non-core area at favourable terms * Sale of OKEA's 15% working interest (WI) in Yme > Fixed consideration of USD 15.65 million Fixed consideration > All decommissioning commitments transferred to Lime Petroleum exceeding holding value > In addition, Lime wi
Slide 8: Development projects
Development projects Draugen Power from Shore Bestla Key figures Key figures Brage platform ~95% CO2e reduction* 24 mboe recoverable Njord Draugen reserves (gross) ~200,000 Sm3/day available cal bili ~USD 40/boe Um for gas exports (gross) breakeven Improved production Subsea ~6 bnNOK CAPEX (gross) e
Slide 9: Exploration activities
Exploration activities Building long-term value creation potential Q4 24 / Q1 25 drilling targets: Arkenstone Operator: Equinor Long-term exploration ambition: 20.0% WI Drill up to four exploration wells per year Mistral Operator: Equinor Key priority: 30.0% WI Building a portfolio of prospects in t
Slide 10: Financials
Financials Or “4
Slide 11: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Q3 2024 46.6 Q3 2024 42.1 40.8 38.4 37.3 33.3 30.1 22% 26.7 25.6 21% 23.7 12% 12% 66% 67% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Oil Oil Statfjord area Yme Gjøa / Nova NGL Statfjord area Yme Ivar
Slide 12: Market prices for crude, realised liquids price and lifted volumes
Market prices for crude, realised liquids price and lifted volumes Lifted volumes last five quarters + Q4 2024E Lifted volumes vs Dated Brent 100 3,500 100 3,007 0.7 0.7 81.4 80.2 80 2,800 80 -0.2 74.9 2,522 -6.6 60 1,985 2,100 60 1,869 USD/boe kbbl 1,434 40 1,300 1,400 40 20 700 20 0 0 0 Q3 2023 Q4
Slide 13: Gas market price and sold volumes
Gas market price and sold volumes Sold volumes and average NBP gas market prices – last five quarters 80 1,200 70 1,000 943 60 781 777 800 734 50 USD/boe kboe 40 573 600 30 400 20 200 10 0 0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Draugen Brage Gjøa / Nova Ivar Aasen Statfjord area Avg. Q price - US
Slide 14: Income statement
Income statement Q3 2024 figures Q3 2024 comments Amounts in NOK million Q3 2024 Q2 2024 Q3 2023 YTD 2024 YTD 2023 2023 > Operating income of NOK 2,926 million; NOK 2,944 Total operating income 2,926 2,584 2,105 8,984 6,766 8,885 million from sale of petroleum products > Production expenses of NOK 7
Slide 15: Statement of financial position
Statement of financial position Q3 2024 figures Q3 2024 comments Amounts in NOK million 30.09.2024 30.06.2024 31.12.2023 30.09.2023 ASSETS > Goodwill of NOK 1,613 million; of which NOK 342 Goodwill 1,613 1,927 2,295 1,292 million relates to technical goodwill at the Statfjord Oil and gas properties
Slide 16: Cash development Q3 2024
Cash development Q3 2024 6,000 1,767 5,000 -349 4,000 3,864 -646 -12 3,614 -72 -6 -250 3,182 3,000 2,000 1,000 0 Total liquidity Operating Taxes Capital Business Interest Other Total liquidity Of which Total Cash and 01.07 activities expenditures combinations 30.09 placement in cash equivalents mone
Slide 17: Investing in profitable growth opportunities
Investing in profitable growth opportunities …while ensuring that capital discipline is maintained by strict investment decision hurdles Capex* NOK billion Investing in profitable growth, with projects offering short payback at conservative price assumptions and low breakeven Optionality to scale/ph
Slide 18: Outlook / Guidance
Outlook / Guidance Production guidance for 2024 of 37 – 39 kboepd > Guidance range somewhat narrowed from 36 – 40 kboepd > Production guidance for 2024 includes approx. 3 kboepd relating to Yme Production Production guidance for 2025 of 28 – 32 kboepd Production guidance for 2026 of 26 – 30 kboepd C
Slide 19: Summary
Summary
Slide 20: Summary
Summary Continued strong Realising value from Strong net liquidity production offsetting sale of non-core Yme position of NOK 1,282 planned maintenance asset million Development projects Three exploration Build and mature progressing well wells scheduled for portfolio of investment start of drilling
Slide 21: Q&A
Q&A Growth Value Capital creation discipline
Slide 22: General and disclaimer
General and disclaimer This presentation is prepared solely for information purposes, and does not constitute or Such risks include but are not limited to operational risks (including exploration and form part of, and is not prepared or made in connection with, an offer or invitation to sell, or dev